A few comments:
1)
If crude oil has peaked or not is impossible to say. Too many of the actors in this market keep their cards tight to their chest. But: The higher the price it could be sold for, the more crude oil is available in the world, though.
2)
Norwegian crude oil production most certainly has peaked. Even if a large field should be found on the Norwegian shelf, like the Ekkofisk or Statfjord, our production would still fall. We try to compensate for this by building up a sovereign wealth fund. By this, distributing the oil wealth over a longer time. Our LNG (Liquid Natural Gas) production will increase for many years, though.
3)
The price of crude oil is low!
While Americans here complain about that the crude oil price is 'high' at 85 $ a barrel, we think it is low at 'only' 504 NOK/barrel. This equals 'about' 50 $ a barrel back in 2001. The dollar has halved in value, and the oil has 'almost' doubled in price, - in dollar. I am sure you will agree that the price of crude oil should be higher now than in 2001.
4)
Demand of petrol and diesel is falling in USA and Western Europe with about 2 - 3% per year, right now. While cars consuming 1L of petrol per 10 km was common just 10 years ago, the typical European sedan now consumes only 0,6L of diesel. Petrol stations are being closed down all over Europe while the market is falling.
Demand of diesels and petrol is increasing in the rest of the world, though. Typical is China. But the total world consumption is 'stable to falling'. Which is good, from an environmental viewpoint.
5)
Where does the oil price go?
This depends on 'which currency' we calculate with. In dollars, I am sure of an increase.
